Source: Chalkbeat
Chicago Public Schools is plunging $1 billion into campus investments, a plan that includes two new West Side schools and two new classical schools, the district announced Friday. The new schools and classical expansion were announced as part of a larger plan to boost capital spending from a meager $189 million for the new school year to nearly $1 billion—though it appears some projects listed as part of the $1 billion spend will be spread across several years. The list of improvements includes several items, such as capital costs related to the introduction of universal pre-kindergarten. To foot the nearly $1 billion bill, the district will largely rely on borrowing. CPS anticipates selling $313 million of general obligation bonds and up to $125 million of Capital Improvement Tax bonds; the remaining $300 million will get financed at a later date as expenditures roll in.